How NFTs create a ‘beautiful cycle’ between artists and fans

Thanks to the connection artists have with their followers, the nonfungible token (NFT) artistic community has evolved into a “beautiful cycle,” according to artist Danielle Weber, who addressed the Australia Blockchain Week conference.

In a Wednesday session titled “Pushing the boundaries of NFT utility and art — Homegrown spotlight,” Weber discussed the advantages of the nonfungible token ecosystem, which bring musicians and their supporters closer together. She emphasized how such closeness benefits both artists and fans by allowing for equal collaboration:

“It’s a beautiful cycle that we’re seeing in this space. We are closely connected to our fans […] So we know what they want, and they motivate us to create work that is true to ourselves and true to our craft.”

The moment one enters the NFT realm, it’s clear how important a connection with fans is. A collector may join an NFT project’s Discord channel or start following an artist or a collection profile. Collectors can communicate their thoughts and obtain real-time updates from the material creators about where they’re going with their work through these media. As

“This two-way street of communication between artists and fans,” she adds, “has taken out the middlemen and galleries, pushing you to stand up as an artist and be ‘at the forefront’ of your project.”

The apparent give-and-take cycle in the NFT sector took time to establish, according to another panelist and creator of the “Metakey” NFT collection, Matty. He described how when he first started diving into the NFT market about four years ago, “every Discord had like 200 people, and if it had

The NFT business, on the other hand, has far outpaced the regular art auction industry in terms of sales. According to DappRadar, last year’s NFT sales were worth around $23 billion, whereas traditional non-NFT art auction sales reached $16.8 billion.

Matty considers a few forces, such as Dapper Labs’ NBA Top Shot NFT collection, that “built something that was really easy to understand, and it connected.” In his opinion, there will be additional catalysts in the gaming and creative industries that begin to incorporate NFTs.

As of this publication, the NBA Top Shot discord channel has almost 224,000 members.

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